…..As Ezekwesili Slams CBN For Not Learning From Brilliant Nigerian Young Minds In FinTech
By Chris Udochukwu
Abuja (Precise Post) – The Presidential candidate of the Peoples Democratic Party in the 2019 presidential election and former Vice President, Atiku Abubakar has urged the federal government to revisit his policy that prohibits transactions on cryptocurrency, stressing that what Nigeria needs now, more than ever, are jobs and an opening up of our economy.
This is also the former minister of Education also known as Madam Due Process has slammed the apex bank for the ban on cryptocurrency transactions, saying that all CBN needed to do was, map all the legitimate risks associated with #cryptocurrency and gather a subset of the super brilliant Nigerian young minds in #FinTech so you listen and learn more. Adding that “learning is the greatest asset of the policy-maker.
Atiku stated that this is the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, especially for a nation that have suffered severe economic losses from the border closure and the effects of the #COVID19 pandemic.
He made the call on his Facebook page on Saturday while reacting to the announcement by the Central Bank of Nigeria to commercial banks to close all accounts dealing on cryptocurrency.
The statement reads:
The number one challenge facing Nigeria is youth unemployment. In fact, it is not a challenge, it is an emergency. It affects our economy and is exacerbating insecurity in the nation.
What Nigeria needs now, perhaps more than ever, are jobs and an opening up of our economy, especially after yesterday’s report by the National Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year low, having plummeted from $23.9 billion in 2019 to just $9.68 billion in 2020.
This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.
It is possible to regulate the sub-sector and prevent any abuse that may be damaging to national security. That may be a better option, than an outright shutdown.
There is already immense economic pressure on our youths. It must be the job of the government, therefore, to reduce that pressure, rather than adding to it.
We must create jobs in Nigeria. We must expand the economy. We must remove every impediment towards investments. We owe the Nigerian people that much.